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June 2007/5

  • AmWINS Group, Inc, the private equity backed-US wholesale broker linked with a move for London market broker Besso Group, has bought The American Equity Underwriters, Inc, (AEU) and refinanced its debt to fund further “strategic acquisitions”.
  • ACE Tempest Re Group, the reinsurance arm of ACE Ltd, has established an underwriting presence in Lloyd’s Chinese operation.
  • The announcement in Parliament last week that the Government will examine changes to the 1982 Lloyd’s Act is likely to encourage some frenetic lobbying.
  • Ousted American International Group (AIG) supremo Maurice “Hank” Greenberg has countersued his former employer claiming the US giant’s board and new management are “seriously damaging” the company.
  • Insurers, brokers and rating agencies have put their weight behind legislation that proposes an extension of the Terrorism Risk Insurance Act (TRIA) from a temporary programme to a more permanent ten-year facility.
  • Proposed start-up Leinster Group Ltd has refused to acknowledge defeat but the prospect of a launch on the Lloyd’s platform looks bleak after the Society rejected its application.
  • Swiss (re)insurer Zurich Financial Services Group (ZFS) announced the establishment of a new division for its direct business in Europe effective 1 July, with a subsequent internal management re-shuffle.
  • CastlePoint Insurance Company, the US subsidiary of Bermudian (re)insurer, Castlepoint Holdings Ltd announced a risk sharing agreement with a Florida-based workers’ compensation and commercial auto specialist, AequiCap Insurance Company and its subsidiary
  • The board of Fairfax Financial Holdings controlled reinsurer Odyssey Re has authorised a share buyback programme, the company announced.
  • Bermudian property cat specialist IPC Holdings Ltd has executed around half of its authorised share repurchase programme in the second quarter of 2007, it announced last week.
  • The alleged poaching dispute between Gen Re and Arch took a new turn last week, when the temporary restraining order granted against Arch Capital and four former Gen Re executives in May was lifted and replaced by an agreed-upon order between the parties.
  • Administrators PricewaterhouseCoopers (PwC) announced today a final payment of 76.75 percent to creditors under the Trinity Insurance Company Ltd scheme of arrangement.